How to buy an internet franchise


Online franchisee

Interviewee:
James Gough, Martin & Co franchisee for Crystal Palace
CV:
Former City-based solicitor
Key tips:
Questions to ask franchisees: "Do you enjoy it? Is it as hard as you thought it would be?  Are you making any money?"
Investment level:
Licence fee: £18,500+VAT, min personal investment: £18,500+VAT

FranchiseSales: Why did you choose an online franchise?

James Gough​: I did look at a few other franchise options, when I realised I wouldn't necessarily be able to open a shop. Although, the reality was other franchises that I wanted to go into were equally if not more expensive, so it was a range of different industries and offerings, but I settled on the lettings agency because it's a people business with admin on the side, which works well for me.

FS: What kind of research did you do?

Despite having some capital they offered an interest rate of 20%, so I actually went to bank of auntie - suitably low interest rates to make it competitive!

JG: Just speaking to other franchise owners, primarily in the south London area, talking to them about their experiences, seeing how it was going and getting a feel for them.

FS: What questions would you recommend potential franchisees ask of existing franchisors?

How's it going? Do you enjoy it? How hard is it? Is it as hard as you thought it would be?  Are you making any money? All sorts of questions.

FS: How did you go about financing your franchise?

JG: Banks weren't very helpful for me. Despite having some capital they offered an interest rate of 20%, so I actually went to bank of auntie - suitably low interest rates to make it competitive!

About The Author

Paulyne Antoniou Head of Content
Paulyne as Head of Content has produced regular videos and editorial for many years with small businesses, franchises and industry professionals.